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20121227
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FOX Business
Dec 27, 2012 5:00pm EST
fiscal cliff dive? joining me for more is republican senator john hoeven of north dakota. and very simply, sir, we appreciate you being here but is harry reid right? are we going off the cliff? >> well, adam i hope he is not right. at this point president obama indicated he is going to call and talk to our leader, mitch mcconnell, senator mcconnell and make a proposal. we're very interested to see what that proposal is. we put revenues on the table. there needs to be some savings. and i believe we can get a deal so let's go. adam: what will the do look like? the president at one point actually upped what he was willing to tax. he wants taxes. originally saying on incomes of 250,000 and up. then he went to 400,000. what kind of compromise do we need from both side to get a deal done so that i don't have to keep boring people with this term fiscal cliff? >> right. to really get the deal done right you need about 4 troll trillion to get us back on track. that means pro-growth tax reform, entitlement reform and better control of savings of the proposals at this point are not at that level. they're more $2.5 trillion range. we're very anxious to see what t
FOX News
Dec 27, 2012 1:00pm PST
to get excited about this fiscal cliff. right? so you laugh, right. >> i'm not laughing but if you take a dollar out of every -- that's a tax. >> i understand. i would rather self impose a tax than be forced to do something. therefore you're going to want to do it. for me, it's muscle memory. once you try it, you'll feel a tremendous patriotism and it will be -- >> did you hear that lieutenant colonel representative say we don't have a tax problem, we don't have a revenue problem, it's a spending problem? this doesn't address the problem in washington. that's the problem. >> again, once we band together, companies and citizens, we're listen, we need additional receipts, period. that's a known. it's going to happen for a period of time through -- >> you're a business guy. we're run out of time.j3 if you take in money but spend more, you're still taking in more money every year. you have to worry about the spending side, not revenue. >> the good faith program i started is going to force our elected officials to do something. we'll hit it at top. they hit it at the bottom. we'll meet
CNBC
Dec 27, 2012 2:00pm EST
fiscal cliff, right, what are they going to cut back on, investing, saving, spending? >> well, that's a great question because what's going to happen is it's going to start trickling. they're not going to feel the cumulative effect until february or march if it stays that long if we don't do a fiscal bungee jump. you'll see it's first affecting small global businesses. the nice high end restaurant be that needs people to come in and not downsize their entertainment. the discretionary spending type of things on a local level is going to kind of get crushed first. in some ways, it's sad to say but it's the silver lining. those are the people that will pick up their phone and call the congressman saying i'm dying out here on the front lines. you guys figure this out but get back to business because i need to get back to business. >> i don't know that we can say with any certainty that we know how consumers and citizens may react. quite frankly, we've never had the type of tax adjustment occur all at once the way that this is occurring today and the level of uncertainty. let's remind ours
LINKTV
Dec 27, 2012 3:00pm PST
. kenneth vogel, talk about what is happening with the fiscal cliff right now in the major divisions within the republican party. you follow the conservative movement within the republican party. >> i think that is the story of the fiscal cliff stalemate, much as it was last year with the stalemate over increasing the debt ceiling. it is, in fact, these tea party members who are elected first in the conservative wave of 2010 when republicans took back the house, and subsequently, there were some additions to the sort of tea party caucuses in both the house and senate in 2012, but many fewer. in fact, many tea party members lost their re-election bid in 2012. it is hard to generalize, but you could look at a number of them and say that this sort of souring of public opinion on the tea party as a result of their perceived unwillingness to compromise in 2011 over the debt ceiling negotiations probably was held against them, probably heard not only them in their reelection bid, but also republicans more broadly and republican brand, because they are perceived to be the party of in transi
CNN
Dec 27, 2012 6:00am PST
capitol hill, she says there's kind of a push for us to go over the fiscal cliff and then taxes will rise, right, but then congress will reconvene on january 3rd and vote to cut taxes. is that appliable solution in your mind? >> it kind of it, pretty much what i feel will happen. they have a little bit of wiggle room. the majority of this is not going to be felt until 2014 for the majority of the income tax rise so that causes congress to force them to make a deal knowing that we actually are operating under a higher tax rate right now, even though americans won't feel it, so it's almost like an additional leverage for those who actually want to make a deal and get something done. i just want somebody, like starbucks, we all need to come together. >> and quit kicking the can down the road, darn it. >> exactly. >> ryan thank you for being with us this morning. >> thank you. >> ryan has been with us all week tackling the fiscal effects on your pocketbook. tomorrow, what the fiscal cliff means for your retirement. >>> from the strange case of the technology pioneer john mcafee on the run to so many trag
MSNBC
Dec 27, 2012 11:00am PST
south? >> that's right. happy new years, america. we appear poised to dive off the fiscal cliff starting with a round of finger pointing today. this is classic gridlocked washington. why america is fed up with the lawmakers and all about pointing fingers, gaining the upper hand here. and also, gaming this out because if we do dive off the cliff an we don't get a deal in the next couple of days, which looks increasingly like where we're headed then we come back in january and have to negotiate again and a political advantage for both sides if that's the case. >> her's the thing. even if a deal does get done at this point, it's a small deal. much smaller deal than both sides said they wanted several months ago. the debt ceiling, will be back in two months. there's a good chance we are going to be revisiting a budget issue in march, as well. is this the new d.c. zachary? >> well, it's kind of an old d.c. and the current version, you know, 4.0. and you're absolutely right. it's convenient because there's a news hook for the fiscal cliff for january 1st and calling this now b.c. befo
FOX Business
Dec 27, 2012 3:00pm EST
. this morning to pick up with the fiscal cliff talks which are still underway i guess. this morning as our guests have on about talking about, senator harry reid was the latest to say, we're headed right off that cliff. rich edson on capitol hill with the latest, rich. >> good afternoon, ashley. so the senate isn't working today. there was pressure on house republicans to bring house members back. they're doing that now. this according to republican source on a conference call. house majority leader eric cantor telling republican members they should be back on sunday evening to be prepared to work. though much like the senate they have nothing to vote on right now. it is a positive sign if congressional leaders reach some type of a deal the house and senate will be in town to get votes on the record, but still there is no deal worked out right now between top democrats and top republicans in washington. house republicans are calling on the senate to pass their various proposals dealing with the fiscal cliff. the senate majority leader says it is up to the house to pass the senate plan. >> so i say to mr. speaker, take the escape we have left you. put the economic fate of the nation ahead
CNN
Dec 27, 2012 8:00am PST
last summer is what led to the fiscal cliff we're facing right now. just one more complication or bargaining chip. remind us, you're the best at putting this in perspective. remind us why the debt ceiling is just as important as the fiscal cliff. >> let me take you back a little while. to the conversation about the bun ji jump. here's the problem. confidence doesn't react to a bun ji jump. if you stole my phone and then i got it back from you, it would take that time before i develop that trust wp we saw the consumer confidence numbers come out and they have taken a big hit because consumers are worried about the fiscal cliff. the investing side is our debt raiting, you'll recall the last time we messed around with the debt ceiling, we got kicked down a notch. so if we are seen to be so irresponsible we would do this again and get past our debt limit, the world may sit there and say you're not that good. maybe americans are irresponsible with their money. we hit the debt limit on money. we have known that was coming. the treasury secretary reenforced that. this is a problem. they
MSNBC
Dec 27, 2012 7:00am PST
the short term, avoiding the fiscal cliff, everybody agrees has to happen. let's put aside the brings manship and gamesmanship that seems to prevail in the house of representatives, and give the house a vote. they should be here right now. we're all here in the senate. why isn't the house here? >> what are you seeing, just returning from your district, from your state, when you look at how this issue is being discussed in papers across the country, it's not a headline. more often than not it's not even on the front page. on the flip side, people are saying where is the urgency? why isn't congress doing something about this and coming together? >> i know you've used the term sense of urgency, but i think people want common sense and that's common ground. there will be a sense of urgency if we fail to avoid the fiscal cliff, go over it and the markets react badly to it. right now people want us to come together in a bipartisan way. the absolute has to be bipartisan in the house. we've seen that in the last week. not even plan b, which is an unreasonable alternative to the too,000 threshold was able to garner a majority in the house of representatives. the speaker can't sell it to his own party, so i think he has to craft
FOX Business
Dec 27, 2012 6:00pm EST
. gerri: when we come back, how does he jump the fiscal cliff talks? and some new years resolutions on congress. we will be right back. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty mh access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. gerri: it is official coming house will be back to deal with the fiscal cliff monday afternoon. harry reid asked the politicians to blame john boehner for everything. joining me now, chairman and cofounder. great to have you back. i mean, come on, harry reid was crazy today. >> american people i don't think understand the house of representatives is operating without the house of representatives. it iit's being operated with a dictatorship of the speaker. gerri: how do you respond to that? john boehner quinones says to make everythi
FOX News
Dec 27, 2012 12:00pm PST
a fiscal cliff deal, there will be a new senator voting. >> that's right. sworn in a new minutes ago. i made reference to vice president joe biden, here to swear in the new senator representing hawaii, brian shatz. only the circus senator -- sixth senator to represent hawaii. he's a democrat. it will be interesting to see exactly how he weighs in at some point over the fiscal cliff mess in the final days of 2012. >> mike, thank you. on top of those fiscal cliff concerns, the treasury secretary, timothy geithner, warns we're set to hit the debt ceiling new year's eve, the max amount we're allowed to spend. the current limit is $16.4 trillion. he says the obama administration will work to make sure the u.s. does not default on loans right away but the debate will be another drag on the economy. with us, the chief business correspondent for u.s. news and world report, rick newman, and author of rebounders, how winners pivot from setback to success. talk about the debt ceiling for us, first of all, welcome. talk about the debt ceiling and how it affects us. we here horror scenarios about
FOX Business
Dec 27, 2012 4:00pm EST
happens with the fiscal cliff. and we will also be told what stocks he thinks are undervalued right now. let's start with larry. we're glad we picked up from the 150 point loss. i'm glad about that. looks like there won't be a santa claus rally this year. >> no, it doesn't look like it. we saw some pretty big down drafts today and earlier in the week. that's not what traders expect when we get into the last couple weeks of december. we usually have low volume rallies. we have done opposite. high volume drops in the market. today was a good example. recovered quite a bit but those points in the the chart have been made. the traders look at that and see the markets keep making lower lows and that makes them want to sell into the market and not buy it. shibani: david, i want to get your thoughts, you know, despite what's going on in and around the beltway, the gridlock that exists, you're still a believer in these markets. you believe in the markets forging ahead. tell me why you're so optimistic considering the swings we saw in just today's trading day alone. >> i think most of the events
CNBC
Dec 26, 2012 7:00pm EST
quite what you are so worried about. talk to me about this situation. the fiscal cliff but there is another deadline approaching right now as well that all the ports along the east coast, from maine to the gulf coast, could shut down because of union actions. explain. >> if the unions go on strike -- you see this a lot like the longshoremen union where they can essentially hold commerce hostage by going on strike and not letting ships dock and unload at the ports. they have month one to unload and then -- that -- that -- those goods are stuck at port and can't get to market. >> yeah. huge impact on the commerce of the country. also on the economy. what are these unions want? what's at issue in the particular case? >> you know, i'm not exactly sure. i have to go for the contact again. >> good to see you. thanks important joining us. >> thanks for having me on. >>> stocks may not have moved that much today but it was a major day in the oil trade. we are about to tell you why. crude finished at a would-month high. just days after larry interviewed cnn's host piers morgan a petition to have morgan deported spreading like wil
ABC
Dec 27, 2012 2:35am EST
. deciding to jump right into this whole fiscal cliff debate. coffee baristas are -- they've been told to write on coffee cups to say "come together." so they're writing this handwritten message saying come together as a way of encouraging politicians to come together and get this fiscal cliff cliff thing done. no word yet on when people get extra lattes, where they can write get your lazy ass off vacation. >> willis likes that a lot more. >> i womdzer if there's enough room. >> if you're looking for love, you better have a good credit score. take a look at this. ♪ >> okay, yeah. we're not going to say we're going after those guys, but it's the credit score guys. "the new york times" is reporting that credit scores is huge and that could be at the top of the list. they interviewed people across the u.s., and a newspaper discovered a low credit score is a deal breaker in search of love. so if you don't have your act together, take care of that and maybe you'll find love. >> can you imagine, hi, how are you? what is your credit score? >> 420. no, mine is a lot higher. >> we want to show y
MSNBC
Dec 27, 2012 2:00am PST
air force one right now racing back to washington to try to lead us away from the fiscal cliff. >>> former president george h.w. bush in intentive care. we'll have the latest on that. >>> a vigil for firefighters, a tornado in action and december surfing in the great lakes. good morning. i'm mara schiavocampo. a powerful winter storm that brought an odd mix of tornadoes, heavy winds and snow to the nation's midsection is now wreaking havoc on the northeast. snow and sleet have produced treacherous road conditions from pennsylvania and western new york to maine with more than a foot of snow expected in some areas. this storm so far being blamed for at least six deaths. and as nbc's kurt gregory reports, the storm is creating a post holiday travel nightmare. >> reporter: cleanup on the day after christmas for the deep south. a record of more than 20 tornadoes as a massive storm system ripped through mississippi and alabama and left arkansas with a record-breaking white christmas. that storm system continued its march across the center of the nation wednesday, leaving a near white
FOX Business
Dec 27, 2012 12:00am EST
. one i think it was mastercard spending pulse saying it actually not the fiscal cliff, it was superstorm sandy. >> right. adam: at the end. day are consumers pulling back? doesn't matter if it was the storm or fear they're pulling back, right. >> that was a real good point you made. mastercard said this these numbers were becoming a concern for the consumer back in october. the national retail federation had projected holiday sales would go up about 4.1%. adam: yep. >> that is some growth but it is nowhere near the 5.6% we saw lt year. there is a little bit of a slowdown. also we have to look at the consumer sentiment numbers. it is coming in at the month of december around 72 points. that is 10 points less than at its high in july. so we're definitely seeing that consumer slowdown happen even way before the fourth quarter. adam: you're with therf. you're with the national retail federation, are you not. >> no. i'm an independent analyst. adam: excuse me. a lot of people like the nrf but what are the repercussions whether for the nrf or anybody? nrf, they're sticking to it. they're not revising their predicti
FOX News
Dec 26, 2012 4:00pm PST
after we follow off the fiscal cliff if no deal is reached. >> that's right. december 31st. a lot going on there. a lot of these budget calamities coming together all at once. economists already warning the fiscal cliff situation could cause another recession. now we're about to hit the nation's debt ceiling. secretary geithner in a letter to congress did go ton say, quote, he would take extraordinary measures and say these extraordinary measures can create approximately $200 billion in head room under the debt limit. under normal circumstances the amount of head room would last approximately two months. however, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it's not possible to predict the measure. because of the uncertainty of the fiscal cliff they don't know whether they have enough head room to make sure the nation's debt ceiling doesn't reach limit within two months. the bottom line is even if we deal with the fiscal cliff in the next few days and avert that. there is another crisis with the debt ceiling looming in u
ABC
Dec 27, 2012 4:30am EST
economy over the fiscal cliff. charlie's at the live desk right now this morning with more on the battle ahead for both sides of the debate. charlie the 11th hour. >> the future, the immediate future of our taxes hang in the balance. the president and house republicans are now set to square off once more to cut a deal. with just five days remaining before the tax hikes and departmental cuts take effect. before christmas house republicans failed to pass the alternate plan instead placing the responsibility on president obama and senate democrats' shoulder. according to the "washington post" gop leaders vowed to go into session to vote on anything the democratic controlled senate approved. however speaker john boehner demanded the senate first take a look at the bill the house moved through a month ago that preserved the expiring tax cuts for the wealthy as well as the middle class. that's not likely given the president's position on raising taxes for those making more than $250,000 a year. >> i want us to not go over the cliff because i think if we do it hurts our economy and it hurts our
KOFY
Dec 26, 2012 9:00pm PST
that are due to take effect next week. no official fiscal cliff negotiations between republicans and democrats have been scheduled. not a great deal of progress. >>> with the government right on the edge now of that fiscal cliff, taxpayers are facing a lot of uncertainty as we head into the new year and for many of us the usual year-end financial strategies simply may not apply this year. 7 on your side's michael finney sorts out some of the confusion. >> reporter: when it comes to year end finances the old rules may not add up this year. >> it is difficult to do any type of tax planning and advising because nobody really knows exactly what is going to happen. >> much of the uncertainty centers around whether the united states is about to fall off that a fiscal cliff. if that happens, that would mean the end of the temporary payroll tax cuts. even if that doesn't happen, most believe taxes will go up next year. >> one of the things that is being floated right now is people are advising people to get out of dividend paying funds, high dividend yield funds and move more into tax exempt bonds and things like that that won't be taxed. >> reporter: the current budget negotiations
PBS
Dec 27, 2012 12:00am PST
right-- that we're probably not going to go off the fiscal cliff or if we do go off the fiscal cliff it will be a small package of some tax increases, some spending cuts, but it's not going to put the economy into a recession. so what i've been telling clients is let's just hold the line right here. let's not sell precipitously. let's wait until we see the outcome. but right now i think there's a real good chance that the outcome could be positive or will muddle our way through this significant problem. >> ifill: let me ask you a question which politicians kept bringing up during this last election which is the that the uncertainty is what makes people nervous in the business world. is this the kind of uncertainty they were talking about? >> it absolutely is. you mentioned before the retail sales numbers for this christmas season and the retail sales numbers for this christmas season were very poor, very soft. this is both individuals and individuals affecting companies making decisions and it's really largely driven by their significant uncertainty about what's going to be the
FOX
Dec 27, 2012 6:00am PST
deal to avert the fiscal cliff and he left his vacation. we will look at the new offer and the concessions he is proposing. >>> let's go back outside with alex savage. >> reporter: they have finally been able to locate the problem right under where those crews are working and they have had to dig up quite a bit of sidewalk to figure out where the leak was coming from but crews say they are running a bypass around the broken line. off to the left, the people were evacuated as a precaution. everything began when neighbors reported the smell of gas in this area. people here were ordered to shelter in place in their homes for a time and early on, he was certainly going to face explosion. >> if something goes off or ignites, i am only a couple of doors down from where the leak is so it is frightening. >> the source of the leak has been found. the repair work, it will be difficult for she people to go back home and with the exception of the three homes evacuated, gas does remain on for the entire area of brentwood. brentwood sal legs savage ktvu channel 2 morning news. >>> that's right and we have 'end you are are you step including overturned cars and we will keep an eye on it for you. you can see traffic is flowing nicely in b
PBS
Dec 26, 2012 5:30pm PST
as a result of the 2012 election it's already beginning to recede. >> reporter: so the fiscal cliff will be resolved? >> not right away. it will be resolved ultimately. the entrenchment of people who don't believe in government and the damage they have been able to cause because of that is diminishing. >> reporter: you haven't been particularly pugnacious today, but has it cost you, do you think, to have been as pugnacious as you have been over all these years? >> no. this is probably the media stereotyping. i can't think of any achievement i tried to accomplish. i guess people aren't as hypersensitive as that question would assume, by which i mean the notion thateople would not go along with an important public policy because i hurt their feelings, i don't think that's true. >> reporter: what are you going to do next? >> i'm going to write two books, i hope, one on liberalism, one on the history of the gay rights movement, give lectures for pay, do some tv commentary, and i hope teach. >> reporter: standup comedy. we once talked many years ago about, your fantasizing about it. >> no. that's too hard. that's too hard.
NBC
Dec 27, 2012 6:00pm EST
-- the fiscal cliff. is congress any closer to a compromise? we have more on that from washington. >> kate, house speaker john boehner is calling lawmakers back to washington on sunday with the votes scheduled for early evening. right now, there is no fiscal agreement for them to vote on. with the nation teetering on the brink, president obama return to washington to work on a deal. >> the american people have a right to be upset with this congress. >> the finger pointing continues with democratic leaders accusing house speaker john boehner of putting his political ambitions ahead of the country's fiscal help. >> it is obvious what he is doing. he is waiting until january 3 to get reelected as speaker before entering serious negotiations. >> boehner says that senator reid should "talk less and legislate more." >> republicans have spent over backwards. we have stepped way, way out of our comfort zone. >> the standoff continues. >> right now, the house and senate are in the blame game. each says the onus is on each other to cover the fiscal cliff. >> both sides hope for a deal, but hopes are fading. and some observers say the deal is more likely after the new year after the tax cuts expire. >> then they will be cutting t
ABC
Dec 27, 2012 1:40am PST
congress return to washington to address the fiscal cliff. talks will take place behind closed doors. no public negotiations set. you have the debt and the fiscal cliff. it's not looking too good right now when it comes to the u.s. economy. >> geithner told congressional leaders that his department is using some accounting measures basically a fancy way of saying they're going to try to free up some cash to hold off, temporarily, this fiscal cliff. but it's still not looking good. >> i don't know about you at home, but kicking the can down the road, this has been happening over and over again. somebody has to make some decisions here. >> it's like in this business, they give you a deadline and you have to hit the deadline. there's no coming in and saying take another ten minutes. it don't work that way in real life. there are americans out there saying, get off your couches, get back to washington, and get the deal done. >> sometimes it's not pretty you when you have to rush, but, hey, get it done. >>> still on the economy now, new signs of a turn around in the real estate market. for the first time since 2006, average housing prices may end the year on an upward trend. good news there
CW
Dec 26, 2012 10:00pm PST
negotiations with the fiscal cliff deadline less than a week away. >> reporter: as the president wrapped up his vacation, federal workers trickled back into the nation's capital. the only people who can avert the fiscal cliff, members of the house and senate, have not returned. and in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average worker's paycheck in 2013 by about $1,500. long-term unemployment benefits for about 2 million jobless americans are also set to expire, and $110 billion worth of spending cuts to domestic and defense programs will kick in, forcing layoffs in the public and private sector. if congress doesn't act, all the cuts and new taxes will squish the economy back into a mild recession by mid-2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1st because the irs and other agencies didn't expect it to come to this. it could be a few weeks before workers see more money being withheld in their paychecks. >>> george h. w. bush is in intensive care. a fever that kept him in the hos
FOX Business
Dec 27, 2012 11:00am EST
talking about a less than $250,000 limit. speaking right. exactly. liz: more on the fiscal cliff. let's bring in peter. with us is former clinton advisor doug shoen. we have basically mr. boehner saying, look, you senate, you have not come up with anything. >> i think, unfortunately, we will probably get around it. i think it is a worse outcome to avoid the cliff then to go over it. i think we should broaden the discussion and look at what is going on around the world. look at japan and europe. the japanese government is the glaring war on japanese citizens. it will create inflation. if the japanese citizens start to dump their bonds, they have been a bigger part then japan recently. that is a big problem for us. their euro has been quietly depreciating. if that goes out, that is a much bigger fiscal cliff. if the buyers of treasuries become sellers. liz: there are a lot of "if" in your discussion. the bond markets are still pretty -- nothing from the bottom vigilantes yet. you were a clinton advisor. you saw in the mid- 90s bond yields really spike higher. that is the issue. if
FOX Business
Dec 27, 2012 9:20am EST
actually passed anything to deal with the taxes, to deal with the spending side. fiscal cliff, they've passed bills and right now, no matter what the public blame may be, the fact of the matter is that the senate is next in line, and president obama is the president of the united states, expected to lead on this and to provide some ideas for it. stuart: i think you would agree with me that so far, it's the republicans who have taken the heat, and john boehner's plan b, a disastrous piece of publicity, got that. do you think that the tide is turning at all and that the jonbenet has been gettinof and . >> and not seeing any leadership for the president and not seeing any for the senate and not seen the budget. i think that the frustration is across th board and it should be felt by all. >> okay, you're sitting there in washington and you tell me now, do you think we get a deal on new year's eve? >> gosh, i certainly hope so. >> do you think we will? >> do you think we will? >> i don't think that this washington, anyone in washington is reckless enough for the country off the cliff. they recognize it's dangerous. s
MSNBC
Dec 27, 2012 10:00am PST
more of a fiscal slope as oppose to a fiscal cliff. thank you within kelly. jonathan, i want to turn to you right here. harry reid was not holding back this morning on the senate floor. i want to play what he said about the 435 members in the house. >> there's 435 members of the house. what goes on in this country shouldn't be decided by the majority. it should be decided by the whole house of representatives. the speaker just has a few days left to change his mind. but i have to be very honest, mr. president, i don't know timewise how it can happen now. >> and we just heard from kelly about this possible new deal the president has sent over regarding the fiscal cliff. harry reid, though, there's not a lot of time left. >> no, there isn't a lot of time left. what the majority leader is referring to is we've been talking about a lot, the majority of the majority real that if boehner would put aside this tradition that if he's going to get anything passed, it has to be passed bay majority of the republican caucus. clearly there have been times on the little and in the house when boehner could have passe
CNBC
Dec 27, 2012 4:00pm EST
go until whi we go over the proverbial fiscal cliff and when dividend taxes go up it makes an already bad situation worse. >> right now the tax is 15%. by next tuesday, folks, wouts a deal from congress, they are going to more than double to 39.6%. now he wrote this opinion piece in "forbes" highlighting an unfair tax code that rewards debt and penalizes those dividend payments. joining us now here is the author of that, the ceo of otc markets group. you've got a real bone to pick over this. plain your special. thank you amanda and bill. have 16 under daying securities in the otc marketplaces. these companies attract dividend investors. keep them honest and great source of revenue. hour, dividend taxes are not taxed at 15% but are double taxed. companies have to pay taxes on their profits before distributing them as dividends. dividends are double taxed and will almost be triple taxed unless we do something in washington. all those million of dividend investors should be really angry. bad for them but it's bad for the economy. >> realistically though could we really expect it to go to 39.6, there's got to be some comp
ABC
Dec 27, 2012 5:30am EST
. starbucks will tackle the fiscal cliff one cup at a time. the ceo how old shut wants workers in the -- howard schultz wants workers in the d.c. area store to write come together on the coffee cups they serve today and tomorrow. he says it's the company's way of respectfully telling politicians they need to find common ground. >> if people would get in the room and lee their ego behind and not be so skewed towards the party but be so sensitive to the lens of the american people, we will have an agreement. >> now this is just a suggestion from the ceo of starbucks. and employees won't be forced to write anything but a customer's name on the cup. >>> news around the nation this morning, hawaii's governor announced lieutenant governor will fill the u.s. senate seat vacated by the death of daniel inouye. he has said he'll be in d.c. today sworn today in. he says he will seek election for a full term in 2014 but a special election will be held to fill that spot until 2016. inouye was the second longest serving u.s. senator of all time. >>> toyota has agreed to set al lawsuit. you probably
CNBC
Dec 27, 2012 5:00pm EST
factors, right? so, obviously, the topic is the fiscal cliff. even if we get a resolution, if you look at larry mcdonald's bullet points a few minutes ago, those are pretty bearish in my opinion for equities. that ties in nicely to a key thesis we look at in technical analysis, which is the presidential cycle theory, which says that stocks move in four year cycles. the first and second years of a president's term is usually negative for stocks. so, we're setting ourselves up 2013, going in for what we think is going to be a down year for stocks. most of the strategists out there that i look at are pretty bullish. so, you've got most of the street very bullish. we're taking a contrarian view. we think you're going to get a bit of correction. you had a strong rally. we think you're going to correction some of that. >> what's a bit of a correction and which sectors will lead us lower? >> we talk eed about defense. we talked about retail. but if we look at what we have to kind of give back, if we look at the s&p 500, that hit a resistance level at 1460. we had a rally, about 34% rally
CNBC
Dec 27, 2012 1:00pm EST
cliff. the markets had weak data. consumer confidence for the month of november which, again, reflected concerns that we were headed over the fiscal cliff. the dow, nasdaq and s&p all negative for the month right now. as we take a look at the dow jones industrial average, the drags are cisco system, bank of america. the best performing stock on the dow for this year following its very poor performance in the prior year, alcoa also weaker along with jpmorgan and h hewlett-packa hewlett-packard. 50 day average, when it breaks below that on decent volume, the down side the traders are watching the levels as we came into today's session. groups that are leading the s&p lower are financials which are the best performing sector of 2012. taking a turn south in today's session. energy and materials actually also joining the fray among the leading laggers within the sectors that we followed. we also wanted to point out jcpenney. it was an outlier and today it reverses. it's having its worst day in six weeks, i believe. the reason being there was an article in the wall street journal saying it's a do or die year for jcpenney. >> wow. that was an intraday chart. normally they fall and then they hold. this th
CNBC
Dec 27, 2012 6:00am EST
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching t
FOX
Dec 27, 2012 7:00am PST
live from san jose. ktvu. >> we are less than a week from the fiscal cliff. the united states senate convening right now. we want to show you a live if picture. there it is. that's the senate majority leader. the senators are right now meeting to discuss the economic deadline and coming up at 7:15 we will have more on the fiscal cliff negotiations and how we are closing in on another financial barrier, that debt ceiling. >> let's go to tara filling in for sal. there is another accident in napa. >> we have a two car crash on napa road. that person is trapped inside of the car. chp working to get them out as well as police. we have another incident we want to mention. 880 northbound at 92 split. a solo spin out. it's close to traffic so they are running a break. here is a look at maps where 680 southbound, actually we will go to 101 in san francisco. you can see we have traffic flowing nicely in both directions. finally a look at maze. you can see traffic also flowing very well there on the far right hand side of the screen. let's check in with mark. >> good morning to you. we are taking a live look outsi
CNBC
Dec 27, 2012 12:00pm EST
the fiscal cliff. now to jackie and future now. >> that's right. you can see it on the chart. gold was lower this morning until majority leader harry reid took to the senate floor and says it looks likely we will go off the fiscal cliff. if we do go off, is buying gold your best bet? even with the cliff looming, gold has done badly over the past month. does that surprise you? >> it does. when you look at money printing going on in japan and the fiscal cliff here and debt ceiling limit and relatively weak dollar, gold should have a lot more shine to it. >> not like the possibility of going over the cliff is something new. if gold is getting a bit on cliff fears, why has it sold off in the last month? what's taken so long? >> funny you mention that, they read the headline, harry reid says, looks like we're going over the cliff, i don't think anybody thinks about that. but everybody hits the sell button because they think everybody's going to. there's plenty of reason to buy gold but whatever gold is dealing with on the negative side it is not done dealing with. i don't think it's a g
FOX News
Dec 27, 2012 6:00am PST
would be entire tirely optional. patti ann: yet another fiscal cliff concern. the price of milk, if congress doesn't take action before new year's day the price could more than double. dominic di-natale is live in los angeles right now to explain for us. hi, dominic. >> reporter: hi, patti ann. milk could reach eight bucks a gallon. currently $3.65. a bill that covers billions of dollars in agricultural subsidies. if they don't do that government will have to buy up massive quantities of milk because of outdated 1949 law. they could sell their milk directly to the government first, would be obliged to pay twice the market rate. that would create a milk shortage and spike the prices consumers pay. the senate passed a farm bill. agricultural committee passed a similar bill. they are not identical. differences aren't so wide just that the full house of representatives hasn't approved the bill and it has come down to the wire, patti ann. >> the farm bill is low hanging ornament on the congressional christmas tree, if they just embrace it, they can automatically come up with 10 of billions of dollars in budget savings. they can figure out where else they need to cut spending after that. >> reporter: that would quite a gi
CSPAN
Dec 27, 2012 9:00am EST
republicans in the house and the republicans over here. the way to avoid the fiscal cliff has been right in the face of the republican leaders, both mcconnell and baron --, boehner for days and days and days going into weeks and months and it's the only option that is a viable escape route. that's the senate-passed bill. it wouldn't hard to pass, i've talked about that at some length. every democrat in the house would vote for it, a handful of republicans would vote for it. that's all that would be nominee needed. but, mr. president, grover norquist is standing in the way of this. not the rich people. but grover norquist. the man who says what the republicans can do. so i say to the speaker, take the escape hatch that we've left you. put the economic fate of the nation heafd your own fate as speaker of the house. millions of middle-class families are nervously watching and counting down the moments until their taxes go up. nothing can move forward in regards to our budget crisis unless speaker boehner and leader mcconnell are willing to participate in coming up with a bipartisan plan. speak
ABC
Dec 26, 2012 5:00pm PST
with the latest storm track. >>> heading home. as we near that fiscal cliff, six days now until higher taxes for all. will there be a deal? also tonight, an abc news exclusive. barbara walters at the white house. asking michelle obama if she'll run for office next. and a personal question, too. >> how do you keep the fire going? >> hmm. that's a good question. >>> made in america.
MSNBC
Dec 26, 2012 8:00pm PST
take that much work, we just have to do the right thing. >> six days away from the fiscal cliff and there are real consequences to millions of americans if no deal is cut. congressman elijah cummings and ryan grim of the huffington post are here with the latest. a tea party giant stages a coupe with his own office. the details on dick armey's hostile takeover. the nra is catching heat from all directions. >> i don't think the nra is listening, i don't think they understand. >> georgetown university law professor, david cole on the growing drumbeat against the nra. >>> six days until the price of milk shoots up to $8 a gallon. why house republicans are take ing america to the dairy cliff. >>> and civil liberty groups take on torture in zero dark thirty. >>> if no deal is reached, the nation will go over the fiscal cliff in a little more than five days and house republicans are doing nothing more than posturing. president obama is flying back to washington tonight from his christmas vacation in hawaii to make one last attempt to get a deal before midnight new year's eve. the senate is
MSNBC
Dec 27, 2012 3:00am PST
. it was really terrible. >> that's the bigger news, right? not the fiscal cliff but the fact that tim geithner announced that the debt ceiling will be hit on december 31st, that he has extraordinary measures to take to delay it a little bit, but we're now in a serious situation. the fiscal cliff was a semi-serious situation. this is a very serious situation. >> what you've got, these two things coming together, the cliff and the debt ceiling, you'll have market reactions that reinforces the sense of unpredictability. if you're an investor, if you're running a business, what you want to know is what the playing field is. you want to know what the rules are. nobody knows anything. it means basically things begin to come to a halt. internationally, it raises all sorts of questions about our competence, our seriousness, our reputation. and these are people who are investing here, who are providing us also with the means to float the deficit. these are the people providing a lot of our financing. well, at some point if this goes on long enough, they begin to think, hold it. >> who's wr
FOX Business
Dec 26, 2012 11:00pm EST
tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told oba if you want a trillion dollar in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask you again. 0 i'm a republican congressman and i signed your tax pledge to not raise taxes. if someone says here's a bill that says if you sign this we will cut taxes for 98% of americans. how could youay no? my point is, the administration is winning the war of optics. if they played it out this way, do they not win? >> well, they've won the war of optics so far because everything's been done in camera. it's been done inside closed walls. if c-span and fox and -- were able to videotape the negotiations, the kind of thing we're learning nowbout how obama said i have no interesting in cutting spending, he's been lying for two mons about his negotiationing position in the room. if people knew that, there would be serious unhappiness in his lack of seriou
CSPAN
Dec 27, 2012 7:00am EST
are making it seem. host: have you looked into the fiscal cliff and how it may affect your business in january? caller: yes, and i don't mind paying my fair share. but you have to want to give the next person helping hand. host: all right, thank you so much for calling. you said that you rent out your place for a zumba class in the evening? caller: yes, in the evening when we are not sewing. we substitute and say let's do a class, the couple hours. the ladies bring friends and it increases business. and more people say i need this done or that done. it's a form of networking. but you have to put the endeavour into it to get something out of it. a lot of people just want to take and don't put anything in. you just have to want to put it in. host: guy is a business owner in hillsdale, new york. caller: i have a small music label. i discovered some news by kurt bayo. i cannot get a major label to put the music out, so i decided do it myself. host: have you looked at the fiscal cliff and how it may affect your plans for 2013? caller: of course. this is all about paying for the wars, to me. host: as a business owner, how is it going to affect you? caller: it is not going to affect me. these are taxes i should have been paying a lo
FOX News
Dec 27, 2012 8:00am PST
want to do about the fiscal cliff. it sounds like post-christmas everybody is more pessimistic than ever. harris? harris: they have got travel woes too right now. there are people who might want to get back to washington and can't as they wait for certain snowstorms to move along. mike, thank you very much. >> reporter: thank you. jon: you knew the fiscal cliff could hit you hard in the paycheck should we go over it but do you know what it will do to your grocery bill? what could happen to the price of milk come the 1st of january if washington can't make a deal. my teenage son is going to not like that. >>> forget stealing mail. police say this guy went bigger. the unbelievable way investigators say he spent his christmas. jon: now some crime headlines we're keeping an eye on. a police officer killed while on patrol in suburban milwaukee on christmas eve. now her husband is behind bars, arrested on a tentative charge of first degree homicide in his wife's death. her body was found shot several times after she stopped responding to radio calls. >>> well a mail thief raises the stakes. police in anchorage, alaska, say this guy, clifford, dancer
FOX News
Dec 27, 2012 3:00am PST
to washington and hopes to reach a deal on the so-called fiscal cliff. we've all been talking about it. but with just a few days to go, what happens if we do fall off that cliff? doug stand big in washington right now with what could happen if a deal isn't reached. doug? >> good morning. you're right, we're going to have some of the big players back here in washington today. a message for any of them, it may be coming from starbucks. if you order a coffee anywhere in the dc area right now, they're going to write the message, come together, kind of an urgent plea for the president and members of congress to come up with a plan to avert the fiscal cliff. as far as we know, there is not a starbucks on board air force one. and that's exactly where president obama is right now. slowly making his way to issue with a wash. giving him time to make his next move. congress will be back in session as well. this is the first time since 1970 that a house of congress -- in this case the senate -- conducted legislative business in the week between christm new. doesn't mean they're going to get anything done. the most likely outcome seem to be we go over the fiscal cliff or there is a temporary stop-gap solution.
MSNBC
Dec 27, 2012 8:00am PST
., coming back from hawaii, trading his tropical vacation for the hard reality of the fiscal cliff negotiations. the president called all four congressional leaders last night in an effort to reach a deal, but did that call fall on deaf ears? jared bernstein, former chief economist to vip biden, as well as a contributor. i want to start with the new statement from senator mitch mcconnell's office coming out says last night he called other lead serious. the leader is happy to review what the president has in mind, but to day date the majority has not put forward a plan. jared, is that good they're actually speaking, however far apart as it may sound, at least they're talking? >> it's a bit good. better to be talking than north. the unfortunate thing are the words they're saying. i don't hear much compromise or kind of conciliation in the statements we've heard thus far. i do hear a lot of theatrics, you go first, no you go first. it's strange to say the democrats haven't put forth any legislation on this, because in fact they have. in fact, a democratic majority in the senate passed
NBC
Dec 27, 2012 6:30pm EST
the fiscal cliff drama is weighing on americans' mood. consumer confidence dropped sharply this month, falling to a four-month low. that hit the stock market early, and the dow plunged 151 points by mid afternoon. then word that the house would reconvene sunday night sent the market back to break even and the dow ended up closing down just 18 points. >>> our chief foreign affairs correspondent andrea mitchell is warning that secretary of state hillary clinton will be returning to work next week. she has been off for several weeks after getting a stomach virus and suffering a concussion after fainting. a spokesman says clinton continues to recuperate at home and looks forward to resuming her schedule. she's prepared to step down from her job early next year. >>> and one other note from washington. the head of the environmental protection agency, lisa jackson, announced today that she is stepping down. jackson has led the agency since the beginning of the obama administration. she tangled with congress and even the white house itself, particularly on global warming issues. >>> the other
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